No big surprise – the Fed did NOT do anything with interest rates at the meeting today. The lead-off paragraph of the statement seems to have a mix of good and bad commentary on the economy, while the other commentary in the statement is very wishy-washy. Also, nobody dissented this time in favor of a rate hike.
We’ll see what Janet Yellen says at her press conference. But at the risk of being proven foolish by the end of the day … if I HAD to offer a flash opinion on this statement … I would call it: Bond bullish, stock bearish, dollar bearish, gold bullish. This is not confidence-inspiring. It shows the Fed has no idea what’s happening. It is not providing leadership. And it’s so afraid of its own shadow, it won’t hike unless the world and economic backdrop is close to 100% perfect, which of course it almost never is.
That’s my two cents anyway.
LINK AND STATEMENT BELOW:
http://www.federalreserve.gov/newsevents/press/monetary/20160615a.htm
